I will not," continued he, after a moment's silence, "conceal from you, that while your probity and exactitude up to this moment are universally acknowledged, yet the report is current in Marseilles that you are not able to meet your liabilities.

Whether an instrument like mandatorily redeemable preferred stock is classified as a liability or as equity obviously affects reported amounts of liabilities and equity and related summary indicators, such as the debt/equity ratio and the asset/equity ratio.

Beginning in 1989, Statement 87 is requiring companies with plans in which the accumulated benefit obligation (ABO) exceeds the sum of pension assets and unfunded accrued pension cost to show additional balance sheet liabilities to account for the deficit.

Although most of the requirements of Statement 87 were effective for fiscal years beginning after December 15, 1986 (and many companies adopted early), the statement's transition provisions permitted a minimum two-year delay in the effective date for the following reasons: * Recognition by employers of additional pension liabilities on the balance sheet in situations where pension plans are not fully funded.

School bus operators now face serious liabilities that are beyond the scope of standard excess liability policies," said Kevin Kelley, Chairman and Chief Executive Officer of Lexington Insurance Company, a member company of American International Group, Inc.

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